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Morgan Stanley drops as net interest income trails analyst expectations

© Reuters. Morgan Stanley (MS) drops as net interest income trails analyst expectations
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By Senad Karaahmetovic 

Morgan Stanley (NYSE:MS) shares are trading lower in pre-market Wednesday after the bank reported lower-than-expected net interest income (NII).

The bank delivered a better-than-expected EPS number while revenue for the quarter came in at $14.5 billion, topping the consensus estimate of $14.03B. The upside was driven by the 11% surge in wealth management revenue, offsetting the deceleration in equities sales & trading and advisory units.

Total deposits were reported at $347.52B, lower than the $352.1B expected. Return on equity was 12.4%, below the consensus of 12.7%, while the standardized CET1 ratio came in line at 15.1%.

“We maintained our strong capital levels and remain well positioned to provide long-term value to our shareholders,” said James P. Gorman, Chairman and Chief Executive Officer.

The company also said it added $110B in net new assets this quarter while investment banking activity continues to be constrained.

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